Long Term Care News Update On Partnership Policies

By Author: Katherine Roberts
Total Articles: 28
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Good and positive long term care news will definitely help a lot of people to decide on when to buy their LTC insurance and what policy option would be best for them.

Although there may be some news on the cancellation of the LTC CLASS Act, a program that aims to provide the public with a cheaper LTC insurance plan, the residents should not be threatened by it because there are still a lot of policy options that they can choose from, depending on their needs and budget.

CLASS Act is not the only program or policy option that has cheap monthly premiums. The Partnership program has been receiving good feedbacks regarding its low monthly rates and two more additional and unique benefits that give more advantages to its policyholders.

Compared to the private insurance policies, a Partnership policy has cheaper monthly premiums because it aims to encourage and further convince the public to acquire their own LTC insurance plan, which they can use for their future LTC needs.

This Program is one of the provisions of the Deficit Reduction Act of 2005 that aims to give equal opportunities to the public ...
... in terms of owning an LTC insurance policy. Although it has cheaper rates, the Partnership plans do not lack when it comes to the benefits that it provides the policyholders.

In fact, one of the best long term care news regarding this policy option is that it has two more additional features that give more advantages to the policyholders, especially when it comes to Medicaid eligibility and qualification.

For example, the Dollar-for-Dollar asset protection feature of LTC policies lets the policy owner keep a portion of his assets for every time that his Partnership policy pays out in benefits. These assets will then be disregarded by Medicaid should the Partnership plan of the individual expires and he still needs to receive additional LTC services.

But owning a Partnership policy does not guarantee an individual of automatic Medicaid qualification. He must still apply for eligibility and pass the standards and other guidelines that Medicaid has in order to start receiving additional benefits from them.

On the other hand, the reciprocity standard feature of LTC Partnership plans allows the insured individual to transfer or move to another state without the need of acquiring another partnership or private insurance policy. His partnership plan is still valid and can still be used provided that the state where he transferred to also participates in the reciprocity agreement among all the states that also offer this policy option.

To further strengthen and build the credibility of the Partnership program, the government sought help from the private insurance companies that sell LTC plans in the country and cooperated with them so that they can inform the public of what such insurance plans have in store for them.

Working together towards achieving the goal of encouraging more Americans to acquire LTC plans, the government and insurance companies will inform the public and give long term care news regarding this policy option from time to time to give updates on the possible new benefits that they can provide.

Get instant updates about CLASS act and you can even get free long term care quote when you visit our website now.